AFME is pleased to circulate its European ESG Finance quarterly data report for the full year of 2024. The report provides detailed data and analysis on the growing Sustainable Finance market in Europe. The report also gives an overview of the near-term regulatory initiatives in the sector.

Among the main findings of this report:

• ESG bond and loan issuance accumulated €689bn in proceeds in 2024, a 12.6% increase from 2023. Sustainability linked and Green Loans led the increase, with a 26% growth from 2023.
  • Green bond issuance reached record high in 2024 (€300bn). Social bond and sustainability-linked bond issuance continued both their declining trend observed since 2021.
  • European ESG Securitisation Issuance reached €5.5bn in 2024, predominantly driven by Green RMBS (€2.4) and UK Green CMBS (€1.6bn).
  • The share of ESG bonds in total bond issuance in Europe has decreased since 2022: ESG-labelled, sustainability-linked and transition bonds, represented 13% of total European bond issuance during 2024, a lower proportion from 17% in 2022.​​​​​​​
• This report does not cover bonds issued in 2025 under the new European Green Bond Standard (EU GBS). So far in 2025 two EUGBS-compliant issues have been originated in Europe: A2A SpA (€500mn) and Île-de-France Mobilités (€1bn).
• Global ESG Funds reached USD 40.7tn in 2024, representing a 11% increase from 2023
  • Global funds with an ESG mandate saw inflows exceeding USD 300bn in 2024, driven primarily by European funds. ESG funds in the Americas saw USD 9bn in outflows, predominantly driven by Equity fund outflows.
• Marginal tightening of 1bps in ESG premia in 2024: The spread between corporate ESG bonds and non-sustainable benchmarks tightened throughout 2024, from 1.46 bps in January to 0.42 bps in December.